Electronic Cheque Clearing starts from today

Nepal Clearing House started Electronic Cheque Clearing (ECC) from today.
"We have successfully restarted electronic cheque clearing settlement at Nepal Rastra Bank (NRB) from today," said chief executive of the clearing house Neelesh Pradhan. "We settled 159 cheques today."
After repeated postponements due to various reasons, the financial sector has entered into a new era from the current manual settlement of cheques.
Currently, there will be two session for two types of cheques standard cheques and non-standard cheques, he said, adding that non-standard cheques are the cheques which are in circulation currently and standard cheques are the new standard format cheques which have necessary security features embedded and are coded with Magnetic Ink Character Reader (MICR).
All the member banks and financial institutions will soon migrate to the standard cheques to maximise the benefit of the electronic cheque, he added. IT has currently 32 member banks and financial institutions.
There are two sessions — general session and express session — for the settlement of cheques according to the types of cheques.
Though the NCHL has set timings for ECC system, the member banks and financial institutions also have to formulate their own timing as per their and customer’s convenience, Pradhan informed.